March 6, 2009

lloyds tsb – the other shoe has landed – get your wallet out

Filed under: business,just whinging,politics — anne thrope (miss) @ 2:31 am

well don’t say i didn’t mark your card.

on the February 14, 2009 i mentioned that the lloyds-tsb takeover of the disgraced yet extraordinarily still in denial hbos

“entailed a sickening injection of taxpayers funds to push the deal through. those same taxpayers, not to mention lloyds-tsb shareholders have now found that aside of acquiring the most ludicrous, scrabbletastic collection of acronyms in corporate history, lloyds banking group has swallowed a poison pill of epic toxicity.”

i further recommended that you “don’t rule out it’s complete, not to say ignominious nationalisation in short order.”

well, as predicted, the other shoe, i mean the bill has landed. stand by your beds for a further taxpayer-backed asset (liability, surely) insurance arrangement to the tune of some £250 billion (count ’em). in return the hapless citizen (scuse i, shareholder) will receive an increased stake in the banking basket case.

my advice: stop trying to mask the scale of the horror by piecemeal bailout of this lame dog, at ever increasing cost to the taxpayer. nationalise it now!

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